Inditrade Microfinance, an arm of the listed Inditrade Capital, is looking to strike a merger with Kolkata-based micro lender Janakalyan Financial Services in a share-swap deal. Inditrade Microfinance’s board is expected to give its approval to it at its meeting scheduled Friday, people familiar with the matter said.
If the merger happened now, it would have a combined loan portfolio of ₹500 crore and a footprint in 13 states. The combined entity would be renamed as Inditrade Janakalyan Microfinance.
Inditrade group chairman Sudip Bandyopadhyay declined to comment. Janakalyan’s managing director Alok Biswas said, “We have been looking for a strategic partner for quite some time. This is a continuous process. I cannot comment on any specific matter.”
Inditrade Microfinance has a loan book of around ₹350 crore, with about three-fourths of it coming from Karnataka, Kerala and Tamil Nadu. Janakalyan is present mostly in Eastern states – Assam, Bihar, Jharkhand, Odisha, Tripura and West Bengal; it has ₹135-crore loan book.
Source: Economic Times